Remittance inflows will jump significantly to $50 billion from the current level of around $38 billion when cryptocurrencies are legalized and properly regulated in Pakistan, Chairman of the Exchange Companies Association of Pakistan (ECAP) Malik Bostan said in a meeting today.
Zafar Paracha, Sheikh Sajid Hussain, Syed Zohaib, Chairman Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal Bin Saqib and other stakeholders from the exchange companies sector attended this meeting.
Malik Bostan said Pakistan is entering a new phase of digital transformation and will achieve stronger economic progress through modern financial systems. He added that with the legalization of crypto and the rollout of digital licensing, transaction costs could fall sharply from around 6 percent to nearly 1 percent.
Bostan added that in the second phase, exchange companies will be fully integrated into the system, with efforts underway to begin transactions soon so that the benefits of the digital framework can reach the wider public.
He expressed optimism that once the system is fully implemented, Pakistan’s remittance inflows could see a major boost, potentially reaching $50 billion.
In his brief remarks, Bilal bin Saqib said that under the proposed Crypto Council framework, exchange companies will be issued licenses in phases. In the first stage, firms will be allowed to open accounts after obtaining an NOC from the Crypto Council.
This comes as Pakistan moves toward formal regulation of digital assets through the proposed PVARA, a framework designed to bring crypto and virtual assets under a legal licensing system, which could be an attractive source of investment for all Pakistanis.
The initiative aims to regulate exchanges, improve transparency, and integrate digital finance into the formal economy instead of leaving it in an unregulated space.
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Great achievement and v good step to big boost for Pakistan economy well done
Everyone who makes such claims always ends up being fake.
There is a reason why 100 percent of such people end up in jail or hiding
Is there a zoo in the world that could take this two legged donkey who also talks?
Oh really ? Kindly tell malik Boston to invest all his assets in it then
Let’s see how far he gets 😆 🤣
How do you know someone is lying , they make the biggest claims but never show evidence.
We’ve heard exact same claims before, everytime it was fake
Crypto, the assets that doesn’t exist with money that will never come
Do not say something that you do not know of. Many such tall claims have been made in the past and these were not even remotely close to reality.
Even if 50 billion come into the country, where would this amount go? Every Pakistani knows it very well.
If it was true, he’d have invested all his own money in it. Which he didn’t
All lies
day dreaming by sheikh chilli.
Crypto is the easiest and the most secure way of Money Laundering, if it is legalised in Pakistan the PKR will crash like a nose diving plane out of control.
Despite censorship
I am glad that other are also learning that this is just a scam
Even without crypto legalization, Pakistan’s remittance market has consistently grown at 20–26% YoY. With $38.3B in inflows last year and an additional 0.7M workers entering the UAE and KSA workforce, reaching $50B in the near term is a realistic trajectory.
My replies have been censored as apparently york is too inconvenient for our overlords
But I am glad that people are finally waking up
I meant truth not york
Truth is too inconvenient
Have you ever seen this guy talk? He doesn’t know anything about economy and how it works. He’s a glorified money changer. Stupidest things is that Pakistani government is now relying on scams and betting to sustain it’s economy. Hilarious!
Agreed. He’s uneducated.
The only thing getting the eye watering boost is money laundering and shifting more pakistans wealth abroad. Foreign govt now won’t be able to trace black wealth and laundered money thanks to Crypto. All poor and corrupt countries including pakistan have zero chance of survival now as their systems facilitate active theft.